The Opec+ tightrope walk continued this week as the group sought to balance consumer calls for production gains with its own concerns over dwindling spare capacity. The end result was a token 100,000 b/d increase for September, of which little will be realized, and a clarion call for increased industry investment.
Following the conclusion of the 3 August meeting, Opec’s communique defended the decision not to increase production by more, noting that “the severely limited availability of excess capacity necessitates utilizing it with great caution in response to severe supply disruptions.” (CONTINUED - 1040 WORDS)
